What's moving the market: On Wednesday, a report in Spanish newspaper El Economista that said the International Monetary Fund, the European Union and the U.S. Treasury are preparing a $308 billion bailout for debt-strapped Spain.

The rumor refueled worries about Europe's fiscal crisis, but the report was later denied.

What analysts are saying: Investors were cheered further when Spain announced that its sale of 10-year and 30-year bonds had been met with ample demand.

But the sovereign debt problems facing many European economies remains a concern, notes Camilla Sutton, a currency strategist at Scotia Capital.

"The Spanish debt auction was strong, easing some fears," she said. "However we still find the elevated Southern European yields concerning."

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